Profit attributed to shareholders amounted to RMB4,272 million
Realized vehicle sales of 740,000 units
Devoted to develop new energy vehicles and new models
HONG KONG, March 30, 2012 /PRNewswire-Asia/ --
Performance Highlights
I. Sales Performances
II. Financial Performances*
* Starting from 2011, the Group will use equity method for the recognition of the investments in JCEs instead of proportionate consolidation method.
Guangzhou Automobile Group Co., Ltd. ("Guangzhou Automobile Group" or the "Company", together with its subsidiaries the "Group"; stock code: 601238.SH; 2238.HK), today announced its annual results for the year ended 31 December 2011 ("year under review").
During the year under review, the revenue of the Group amounted to approximately RMB10,984 million, representing an increase of approximately RMB2,242 million, or approximately 25.6%, when compared with approximately RMB8,742 million for last year. The profit attributable to equity holders of the Company amounted to approximately RMB4,272 million for the year, which was similar to last year. Earnings per share were approximately RMB69.48 cents. The Board of Directors recommended the payment of a final dividend of RMB20 cents per share for the year ended 31 December 2011.
Mr. Zhang Fangyou, Chairman of Guangzhou Automobile Group, stated, "In 2011, the Group faced a complicated and changing macro environment together with the influence of Japanese earthquake as well as flooding in Thailand. However, with our efforts in coordinating supply of parts, adjustments in overhaul schedule of production lines and holidays, the impact resulting from shortage in parts caused by external adverse factors was minimized and the overall stability in production and operation was maintained."
During the year under review, the cumulative production and sales of vehicles of the Group were both approximately 740,000 units with a year-on-year increase of 3.07% and 2.23% respectively among which the production and sales of passenger vehicles were 730,000 units and 720,000 units representing a year-on-year increase of 1.35% and 0.22% respectively. The production and sales of commercial vehicles were 18,000 units and 19,000 units representing a year-on-year increase of 232.90% and 310.27% respectively. The production and sales of motorcycles were 930,000 units and 900,000 units representing a year-on-year increase of 15.80% and 11.07% respectively. Currently, sales volume of the Group contributed a total market share of 4.00% in automotive market in terms of sales volume, of which the market share of mid-to-high end sedan market and SUV market was 20.80% and 8.06% respectively.
Meanwhile, the Group made significant progress in return to A share market, production of new products and new energy vehicles, technological research and expansion of production chain. First, the listing of A shares of the Group and merger with GAC Changfeng by way of share exchange was approved, representing a breakthrough in capital operation after the listing of H shares of the Company. Moreover, the upgrading of product lines and research in new model successfully progressed. GS5, the first model of SUV product, debuted in the Guangzhou Automobile Show in December was another brand new product after the launch of 1.8L model of the Group's own proprietary brand, "Trumpchi", during the year. Besides, new models such as Guangqi Honda Everus and GAC Toyota EZ were launched to market and product line of Camry was upgraded to a new generation.
In addition, development of new energy vehicles substantially progressed. On 2011 Shanghai Automobile Show, the Group officially released the plan for energy-saving vehicles and new energy vehicles, which outlined the concrete objective and planning for energy-saving vehicles and new energy vehicles. Various new energy vehicles were demonstrated in the show. In terms of technological research, the Group was awarded an item in each of the National Science & Technology Pillar Program and State 863 Projects for the first time, which was also the first time for the Group to be awarded a state technological project. Among 130 patent applications made by the Group and its major investee companies, 89 patents were granted.
Furthermore, the Group further expanded its service business such as automobile finance and automobile insurance during the year of 2011. As a result, treasury loans businesses have been expanded to cover 26 provinces and 140 cities through 444 distributors across the country, which was above expectation. The Group achieved a breakthrough in automobile insurance business by establishing and opening the first automobile insurance company controlled by the Group, Urtrust Insurance. As a result, the Group has become an automobile group engaging in three major financial businesses namely insurance brokerage, automobile insurance and automobile finance business.
Looking forward to 2012, Chairman Mr. Zhang Fangyou concluded, "Although there are still a number of adverse factors affecting the global economy, China's economy remains stable generally and stays be on its rising trend. The overall theme of the national economic and social development will progress through stability. As for domestic automobile industry, it is expected that the industry will grow within a reasonable range on an optimized base this year. In 2012, the Group will ensure the smooth establishment and commencement of production by the major construction projects such as GAC Fiat, strengthen the research and development of new energy vehicles, launch more new models, improve the competitiveness of its brand and capture more market share, further take advantage from the synergy of industry chains of automobile finance and insurance, and strive for better results for the shareholders."
About Guangzhou Automobile Group Co., Ltd.
Guangzhou Automobile Group Co., Ltd. (hereinafter "GAC") was established in June 1997 as a limited liability company and was integrally converted into a joint stock company on 28 June 2005. GAC was listed on the Main Board of the Stock Exchange of Hong Kong Limited on 30 August 2010. GAC's main businesses cover the whole design and manufacturing of vehicle and parts, sales and logistics of automobiles and motorcycles, auto finance, auto insurance and the related services, making GAC an auto company with the independent and integrated valve chain of manufacturing, supply, sales and R&D system.
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